My NACA Journey Is Almost Over

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This topic has 9 voices, contains 12 replies, and was last updated by  lrmatthews18 705 days ago.

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July 18, 2012 at 12:08 pm #1829

NeedsHelp

Hopefully my long journey with NACA is about to end. Our new home was finally finished on July 13 and the final appraisal was sent to the MC yesterday. NACA pulled one final (at least I hope) credit report once the appraisal was receipt. Praying that we close within the next week if not sooner.

This has truly been a long journey. It was also a longer journey for us because we lost our original home in 2008. Going through the NACA process is not for the faint of heart. All I can say is if you truly want a home, weather it a resale or brand new, be ready to stick it out. My husband and I had our first meeting with our Counselor in the Washington, DC office, Feb 2011 after attending a workshop in November 2010. Our counselor was great in the beginning. If I had any questions, he usually responded within a 24 hour period.

We had to deal with entries on our credit report that we had no idea what they were. In order to find out what they were, we had to dispute and most times, it took the entire 30 days to get a response from the creditor or bank. Another item that held us up was my husband’s school loans. He had them consolidated and NACA needed a Consolidation letter from Direct Loans showing a specific repayment plan. If you have student loans, make sure the consolidation letter shows your payments for the remainder of the loan.

Another hold up, divorce paperwork. We through we could use a state divorce certificate. Nope, they wanted an actual copy of the divorce decree. Of course, dear hubby had misplaced his, so we had to wait for his attorney from 16 years ago (yep, he’s been divorced 16 years) to send another copy.

Honestly, I almost was done with NACA the first week of Feb 2012. My MC told me we would be qualified just before Christmas. Well between the Home Saves and other events, I didn’t hear from my MC until after New Years. At that time, I truly started losing patience. I’ve read the horror stories and I knew that I wanted to move before my daughter started high school, August 2012. After New Years, the other hold up was to pay a annual membership fee. I didn’t receive a notice to pay my membership fee until after I made the payment. Tim Trumble (THANK YOU TIM) was a huge help in answering some of my questions and making sure my MC did eventually get back in touch with me.

Second week of February, I started looking at other options. I was tired of sending duplicate paperwork, tired of having to submit something never requested before that could have been taken care of previous. And somehow, the 3 week of Feb, just when I thought it would never end, I received an email from my MC stating “Congratulations, you have Qualified” . . .

After a week of looking at resales (most of which were short sales or foreclosures), my RE Agent suggested a new build. I told her we’d never be able to afford a new home. However, after another week of checking them out, we put a deposit on a new build in our same neighborhood. (new homes require a bigger deposit). The builder offered $10,000 closing costs and a finished rec room. We purchased based on our rent payment so no payment shock was needed. Our interest rate is less than 3%. At this time, our mortgage is less than our rent.

Bank App was actually painless. It was nice to take a break from NACA for the past 4 months. We did require an extension due to the builder not finishing on time. That was not a problem.

One thing I do want to suggest, I met a few folks on this forum that qualified around the same time as myself. I actually met Lrmatthews at the qualifying workshop and we’ve been corresponding ever since, keeping each other sane :-) . RisingSun is also and person I correspond with. Sometimes you want to vent off the forums. Seriously make friends with someone who understand and gets it. Sometimes your friends and even family think you are crazy for going through this tedious process. You will want to cry, scream, reach out and touch somebody. This process may even affect your relationships (I forewarned my husband prior to starting this process) and yes, we are still married ;-) . Its not a pretty process, again, just hang in there.

Now we are at the waiting stage again. And as stated previously, I pray we close within the next week. We were told it takes two weeks. I read recent horror stories where that was not the case, but I’ve also read that 72 hours after the appraisal was submitted, the person closed.

I will update this post with our final progress. For those of you just starting, or just waiting to Qualify, it may take or minute or lots of time. Just pray for patience and best of luck!

July 18, 2012 at 12:18 pm #1832

christelh

Great information!! Congrats on your Success!!

July 18, 2012 at 12:47 pm #1836

deachr519

That you for sharing your success story!

July 18, 2012 at 1:32 pm #1838

channon1208

I have a closing date tomorrow @1p this is what closing attorney has said today, she is waiting on the Hud1 settlement to tell me the amount of my cashiers check to bring with me. Not sure how long it takes to approve the form but is been 72 hours. Still on pins and needles

July 20, 2012 at 11:05 am #1891

NeedsHelp

Update, my file was submitted to Citi yesterday afternoon. And due to lack of communication between the builder and NACA (the builders fault) the builder thought I was closing today. I fear this next week is going to be a doozy!!

July 21, 2012 at 11:13 am #1918

lrmatthews18

NeedsHelp definitely made some excellent points. She has been my sounding board since February and vise versa. It definitely makes a difference if you are able to talk to someone who is also going through the same process as you are. And its just so happen that we are at the same part in the process. There were and still are many a times where I have learned something from NeedsHelp or Nupe through our private e-mails that my MC had not informed me of. So then I was able to go back to my MC and ask informed and educated questions.

It is in your best interest to make friends on this forum and when you go to your qualification workshop on Thursday. People who have never been through NACA don’t and will not understand what you go through or why you continue to go through it. But the savings that NACA provides is well worth it in the end if you are strong enough to get through the process and put up with the BS sometimes.

More often then not, NACA is about mental toughness. If you prepare yourself mentally then you should be able to get through it with all or most of your sanity still in check.

Hopefully this forum will add back the private messages. They were very helpful. I don’t know why they got rid of them in the first place.

August 3, 2012 at 12:56 pm #2236

MD-Closing-is-next

NeedsHelp – Any news? Hope your silence means you’ve closed and enjoying your new home..fingers crossed! :-)

August 4, 2012 at 1:17 pm #2246

TTrumble

Hello all,

lrmatthews18 makes some excellent points too. The forums is for sharing information and helping each other thorough shared information and experiences. It ‘s JUST for asking me to assist or venting frustrations.

NeedsHelp, hopefully this week will will be a “doozy” in the good sense of the word!

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

August 4, 2012 at 2:16 pm #2254

The_the

Hello All,
I am purchasing a HUD reo. I got the all clear from HAND yesterday morning.(I will provide my detailed story and time line later). But can i say that of all the negative comments i have read and heard about HAND, they turned out to be the BEST part of this NACA process. They responded to emails, phone calls and answered all questions i had. They explained the process to me beyond their department. I cannot thank them enough! It was a pleasant surprise to say the least. JASON, ORA, ERNEST: Thank you all soo much!
I have since recieved my updated GFE. The only condition i have on my file now is “Provide closing confirmation sheet CFCS”. Can someone please help me with what does that mean? Am i really close to the end? This homebuying process is by far the toughest thing ever!

August 4, 2012 at 6:14 pm #2259

channon1208

@the_the I’m not sure about CFCS but I do know you are very close, this is the part where your even more anxious because you’ve come so far and are so close. After my HAND clear it took couple of days for my updated GFE and Hud1 form to be reviewed by the title co and attorneys. NACA kept me updated and my closing attorney stayed on top of everything because my extension was coming to an end (it was my 2nd one) but I closed one day before my extension expired. I was so excited and shocked I actually was still sitting at the table 20min after all the docs were signed and the closing attorney had left the room. There is no feeling to describe the end result of this process I can honestly say after all I’ve gone through I would do it again just to have that feeling of accomplishment. Hang on your at the finish line.

August 5, 2012 at 12:46 am #2262

The_the

@Channon1208 – Thank you for the reassurance. You are right about the anxiety! this process can drive one nutsI can’t wait to experience what you felt at the closing… I’ll keep you updated. Thanks much.

August 5, 2012 at 12:42 pm #2266

vwilkins

Thank you all for sharing your experiences. I am new to the NACA process. It’s been about a week since I completed and submitted my documents and scheduled for my first counseling session Aug. 15th – thus, my first step in what I anticipate to be a stringent journey. This information is invaluable, particularly, the details about providing divorce papers. I’ve been divorced for 20 years and as a single woman have held title to two properties on my own. Strange that after so many years NACA would want proof.

August 18, 2012 at 11:33 am #2563

lrmatthews18

@MD- I spoke to NeedsHelp yesterday. She did close on her home but she had to go through her builder and not NACA. Some things transpired the week before she was supposed to close with NACA and it caused her to use the builder who built her home.

She lost her password to get on the forum and that’s why she hasn’t been on in a while.

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